Author: Eric Voskuil 2018-09-16 23:20:05
Published on: 2018-09-16T23:20:05+00:00
The proposal for selfish mining prevention by Andrew on the Bitcoin-dev list suggests adding "reserve fees" to transactions, with a portion of fees held in reserve and paid to miners if the hashrate rises. However, Damian Williamson raises concerns about incentivizing more global resource consumption and the current greed model of mining that could harm the environment. Andrew believes that centralization of energy harms the environment more than total energy consumption and that Bitcoin could help power become more decentralized, leading to a potential decrease in global energy consumption. The proposal aims to prevent selfish mining, collusion, and other subtle attacks by driving competition and increasing hashrate fraction. The idea is to modulate the block reward according to peak hashrate, with a maximum reward of 0.5 r (1 + h/p) and minimum of 0.5 r, where p is the peak hashrate for 365 periods, h is the hashrate of the last 144 block period, and r is the base subsidy. While the proposal could be controversial due to easier mining present for early miners, it could be done in combination with a new dynamic difficulty adjustment algorithm.
Updated on: 2023-06-13T14:38:05.096177+00:00